It's Ours

1/4
We emailed the bank letter of offer to our lawyer. This is one thing X said the banker won't do for us :\


2/4
But seems like S did fax the letter of offer to our lawyer. Now to find a day to go down to our lawyer's office to sign the S&P and mortgage documents. Evily, I suggested lunchtime on the assumption that lawyers don't need to eat since they have no life. Alas, Brother's not free tomorrow. Friday then. Friday lunchtime is too tight for me, so I shall take MC :D Yayy long weekend incoming!


4/4
Wa so many 4s in today's date lor. How apt for the occasion of signing ourselves into debt!

And I'm sick for real ok! Bad running nose and cough. Visited the doctor near my house for the first time. No other patients. Nobody wanna jiat zua on a Friday? I could have gotten 2 days MC!

X came to pick Father and me up in her car. I brought along all the documents required, which came up to be rather thick. The law firm is PKwa in HDB Hub. I used to think all law firms are in the CBD. So thankful for this one. Actually, come to think of it, there's one in AMK central too. That banner about writing wills.

Met up with Brother at the HDB Hub lobby first. We showed Father the model of the new estate and the location of our new property. On the way up to the law firm, X asked if she could pay for the legal fees after she gets her commission from the sale, which will be after the team is done with selling this project, i.e. still long time to go. I was more shocked at how agents don't get paid promptly. Eat what meanwhile?

Back to the legal fees, actually I thought $2.2k is quite affordable. I have always been under the impression that lawyers cost an arm and a leg. Still, it's too expensive a gift.

The lawyer's office layout reminds me of National Cockup Schedules Hub's block A, with a receptionist, sofa and meeting rooms. We were ushered into one of the glass-walled rooms. I settled down with my tissue paper.

A tanned and fit-looking man entered. This lawyer has obviously been hitting the gym (and perhaps the tanning bed too).

He went through the S&P Agreement with us, which was written in Legalese. Not everything little line, just those that we would be more concerned about, like what's stated in the brochure doesn't matter; only the S&P matters. The gahmen reserves their right to dig up the compounds for works and whatever else they liked. The explanation was conducted in English, and in a light-hearted manner. That's where experience counts. I have always imagined lawyers to be boring and intimidating.

We had to print out the declaration from HDB website stating that we do not own an existing HDB flat. The reception area actually has a terminal for clients to access HDB website and they will print out for you! Cool! *Logged out, cleared cookies and passwords*

We exercised the OTP by returning S&P Agreement to the Developer. Signed a lot of things, among them, documents protecting the bank's interest -_-;; I think that's the caveat against the title to the property. Well, nothing is ours until it's fully-paid! Our lawyer will also liaise with the bank and CPF regarding payment.

Grudgingly, I wrote a cheque of $30~k for the stamp duty, post-dated under the lawyer's instruction. Wa, thought cannot post-date cheques? Haha, anything to avoid coming down here again! Why must be cheque huh... if can swipe card, got rebate, you know? It's supposed to ensure that you really have the money, but cheque also can bounce what.

Here's the stamp duty rate for the curious.
First $180,000 @ 1%
Next $180,000 @ 2%
Remainder @ 3%

Painful!! Private property suka suka $1m already! Imagine having to have this amount idling in your bank just so you could pay the stamp duty before being able to get refund from CPF??? It's a ploy to further deter people, I tell you! Purposely one!

We had to out down the type of tenancy for the property. We chose Tenant in Common, with each of us holding a certain percentage share. I hope I can keep up with the mortgage! XD
Important: In joint-tenancy, the share of the property is regardless of the amount paid by each party.

The lawyer shared an anecdote of what happened when he bought a property with his sister years ago. She could not tolerate watching the nose-diving prices during a downturn and insisted on offloading the property. Hope we will not end up that way!

Lastly, I wrote a cheque for the legal fees. Why cannot swipe card? *grumbles* $2.2k is a pittance considering that the law firm has to deal with our case for the next couple of years.

All done! IT'S OURS!

Lunch at the foodcourt downstairs. X couldn't join us. Such an interesting foodcourt, with many mini-restaurants. Got a rojak stall with super long queue, that's supposed to be very famous. I picked Taiwanese food. Long time no eat! Oyster mee sua~~

Slacked the rest of the day at home. MC sweet MC~